Tom Pirovano, Director of Industry Insights
If you live in the U.S., you're starting to hear more and more about the upcoming census. Even before we get data back from the country-wide headcount, we know that America's demographic profile is undergoing major changes. By 2050, more than half of the U.S. population will be non-white (African-American, Asian, Hispanic). This dynamic growth represents not only significant cultural shifts, but also one of the more remarkable marketing opportunities in history. By that same 2050 milestone, the economic opportunity for brands in the multicultural CPG space is projected to exceed $500B.
Being able to keep pace with these increasingly diverse and demanding segments will require marketers to have a detailed view of what ethnic households buy as well as how they consumer media across TV, Internet and Mobile. When compared against the general population, minority households tend to over-index on some key shopping and media metrics.
When compared to the general population, on average...
African American Shoppers
Asian American Shoppers
Hispanic Media Consumers
African American Media Consumers
Asian American Media Consumers
While each group has many layers of cultural, economic and social diversity within, these broader trends are worth noting, and planning for, if marketers are to meet the needs of their fastest growing consumer base.